With the many banks operating in the UAE, finding the one with the most favorable interest rates can be tedious, especially when you face an emergency and need urgent financial assistance.
We are a reliable partner who spends vital time digging deeper into the UAE banking corridors to bring you the most current banking information you can depend on.
In this article, we look at some of the critical things you need to know about the bank interest rates in the UAE.
Savings Account Interest Rates
Generally, saving accounts calculate interest rates daily, and payments are given monthly or quarterly, depending on the bank. Some of the best saving accounts with favorable interest rates include:
- Emirates NBD standard savings account
- National bank of Fujairah max saver account
- Standard Chartered XtraSaver account
- CBI saver account
- Emirates Islamic e-Savings account
- Mashreq Basic savings account
We have compiled these top savings accounts with their interest rates in the table below.
| Account name | Minimum balance | Interest Rate |
| Emirates NBD Standard Savings Account | AED 3000 | 0.20% |
| National Bank of Fujairah Max Saver Account | AED 0 | 1% |
| RAKBank Savings Account | AED 0 | 0.25% |
| Standard Chartered XtraSaver Account | AED 0 | 0.60% |
| CBI Saver Account | AED 3000 | 1.70% |
| Emirates Islamic e-Savings Account | AED 0 | 1% |
| Mashreq Basic Savings Account | AED 3000 | 0.15% |
Fixed Deposits Interest Rates
There are many conventional and Islamic fixed deposit schemes in the UAE with decent interests. However, the interest rates charged by banks on fixed deposit accounts depend on various factors. Some of these include.
1. Terms of Deposit
Generally, interests for long-term deposits are higher than those for short-term deposits. Also, deposits made for less than a year earn much lower interest rates.
2. Amount of Deposit
Interest rates largely depend on the amount of money deposited in a fixed account. The interest rate will be lower if you deposit lower amounts, while larger deposits will attract more significant interest rates.
3. Depositor
In some cases, depending on the bank, some depositors, such as bank staff or senior citizens, can get additional advantages on their deposits.
Some of the best-fixed deposit accounts you can consider in the UAE include:
- Emirates NBD Fixed Deposit scheme
- Mashreq Bank Fixed Deposits
- Standard Chartered Bank Fixed Deposits
- Abu Dhabi Commercial Bank Fixed Deposits
See the table below for the top fixed deposit accounts listed and more with their interest rates.
| Fixed Deposit Account | Minimum Balance (AED) | Interest Rates |
| NBAD Smart Deposit | 30,000 | 3.98% |
| FGB Advantage Plus Deposits | 350,000 | 2.75% |
| ENBD Flexi Deposits | 10,000 | 2.5% |
| ENBD RegulaReturn Deposits | 10,000 | 1.75% |
| ENBD Mudaraba General Investments | 10,000 | 1.38% |
| RAK Bank Fixed Deposit Plus | 25,000 | 0.86% |
| Mashreq Bank Step Up Saver Account | 10,000 | 1.75% |
| Mashreq bank Mudaraba Term Investment | 10,000 | 1.01% |
| Standard Chartered Fixed Deposits | 25,000 | 0.25% |
| UNB Accelerating Rate Deposits | 50,000 | 2.0% |
| UNB Fixed Deposits | 50,000 | 0.3% |
| UAB Fixed Deposits | 10,000 | 1.5% |
| ADCB Fixed Deposit Advantage | 50,000 | 1.4% |
| NOOR Term Deposits | 10,000 | 1.4% |
| NOOR Wakala Deposits | 250,000 | 0.7% |
Other reasons to open fixed deposit accounts in UAE
If you are still contemplating opening a fixed deposit account in the UAE, here are some of the reasons you should not hesitate to move forward with that idea.
- Safety and security of funds
- Access to finances and loans
- Life insurance facilities
- Overdraft facility against the fixed deposit
- Access to other banking facilities such as online banking
Home Loans Interest Rates
With the ever-increasing estate prices, buying a home is one of the biggest financial decisions you can ever make. Several banks offer home loans to nationals and expatriates in the UAE.
Generally, the banks will hold such houses as mortgages until you repay the loan in full and can be legally claimed if you fail to repay the loan. Some of the banks offering competitive home loans in the UAE include:
- RAKBANK
- Dubai Islamic Bank
- United Arab Bank
- Ajman Bank
Here are some of the top-rated home loans with market-competitive interest rates.
| Home loan | Down Payment | Interest rate |
| Holo Mortgage For Expats | 20% | 1.06% |
| RAKBANK Mortgage Home Loan | 25% | 1.65% |
| Mashreq Home Loans | 25% | 2.99% |
| United Arab Bank Home Finance | 20% | 1.79% |
| Arab Bank Ready Property Loan | 25% | 3.5% |
| Dubai Islamic Bank |
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